Top Stories of the Week: Morgan Stanley, Merrill Execs Outline Strategy, Dynasty Offers ‘Forgivable’ Loan, and More

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1. Morgan Stanley’s Saperstein: FA Numbers to Decline “by Design”
   Asset growth and advisor productivity at wirehouse will thrive without recruiting because top-quintile FA attrition is down 50% since wirehouse exited Broker Protocol, company says.
2. Merrill Sticks with Recruiting Freeze, Brokers Hit Growth NumbersMerrill Lynch Wealth President Andy Sieg says brokers have more than doubled their household acquisition rate to six accounts in three years and have “room to run.”
3. Ex-Morgan Stanley Manager Ousted After Broker Arrest Clears His RecordArbitrators absolve longtime wirehouse branch manager Jeffrey Crystal and five others of charges that they failed to supervise advisor who admitted stealing $5 million from clients.
4. Dynasty Offers Forgivable Recruiting Loan of 100% of RevenueFirm will retain 35%  of participating firms’ cash flow during term of eight-year “forgivable loan” program.
5. Opco Broker in L.A. Producing $4 Mln Goes Independent
   After an 18-year career with Oppenheimer, Larry Goldstein affiliates with Cetera’s Summit Brokerage in search of a bigger payout.